Experian research* in 2014, of people recently or soon to be married, found that almost seven in ten (69%) pay for their wedding from savings, while around one in five are using some form of credit, whether that be a card, a loan, or paying in instalments.
In fact, 43% of cohabiting couples had postponed their wedding by an average of a year and two months – due to running into difficulties with their pre-wedding financial planning.
8 quick tips for budgeting for a 2017 wedding
- One year to go is a great time to set achievable targets with clear landmarks ahead – and there’s no better target than the big day itself.
- Spending some time balancing out your income against your outgoings can help you in the long run, and can also make you feel like you’re in control.
- Factor in how much you think you’ll need each month. There are also now many ways to save money if you can time your needs with the availability of the right online discounts – railcards, vouchers, membership sites – plus comparing prices for shopping and utilities.
- Regular annual one-offs like home insurance, car insurance, MOT, TV licence can creep up on you unawares – it’s a good idea to make sure you’ve got enough held by to be able to cope when the time arrives to pay them.
- Any outgoings you can do without? Gym membership you hardly ever use. Those satellite TV channels you never watch. It can all add up!
- Think about simple ways you can save on big wedding costs by doing it yourself or with contacts – catering, location, equipment – or maybe think about whether you can rent one-off costs like wedding clothes in bulk for you and your guests.
- And when you are looking into booking venues or professionals, it can be better sometimes not to mention the word ‘wedding’ when you’re making your enquiries!
- Your Experian Credit Report can show you if you’ve missed some payments on cards or loans you have, and keeping up to date with when your credit bills are due can help you avoid the risk of missing them.
If you’re looking for credit
If you’re budgeting for a major event like a wedding it can be important to be able to get hold of the best credit deals to suit your finances, in case you need it.
Before a lender commits to giving you credit, usually they want to make sure you’re able to pay it back – so getting proof that you’re likely to make repayments on time and aren’t already over-stretched is one of their priorities.
So by checking your Experian Credit Report – making sure the information on it is accurate, up-to-date and gives a good picture of your financial situation – you could start to give yourself a better chance of getting the most favourable deals. Checking your Experian Credit Score before you apply for new credit can also give you a good indication of whether or not you’d get accepted.
*Research was carried out online by Canadean Consumer on behalf of Experian Consumer Services among a representative panel of 2,005 UK adults in July 2014. https://www.experianplc.com/media/news/2014/poor-financial-planning-sees-43-per-cent-of-couples-having-to-postpone-their-wedding/